Preparing Entries and interest Schedule for Long Term Note Receivable; Effective interest Method On April ofer 1, Mountain Company sold merchandise and received a $45.600, three-year, noninterest-bearing note The mark trate is 10% Mountain Company has a March 31 year-end. Use the effective Required Prepare entries for Mountain Company on April 1 of Year 1, and March 31 of year 2 Year 3 and Date M114 Account Name ******

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Preparing Entries and interest Schedule for Long-Term Note Receivable; Effective interest Method
On April 1 of Year 1, Mountain Company sold merchandise and received a $45,600, three-year, toninterest-bearing note The market rate is 10% Mountain Company has a March 31 year-end. Use the effective
interest method to amortize any discount
Required
Prepare entries for Mountain Company on April 1 of Year 1, and March 31 of year 2, Year 3, and Year 4.
Note: Round answers to the nearest whole dollar
Date
Apr 1 Year
Mr. 31 Yard
Mar 31 Yaa
Account Name
Tresantteratunots.
Transcribed Image Text:Preparing Entries and interest Schedule for Long-Term Note Receivable; Effective interest Method On April 1 of Year 1, Mountain Company sold merchandise and received a $45,600, three-year, toninterest-bearing note The market rate is 10% Mountain Company has a March 31 year-end. Use the effective interest method to amortize any discount Required Prepare entries for Mountain Company on April 1 of Year 1, and March 31 of year 2, Year 3, and Year 4. Note: Round answers to the nearest whole dollar Date Apr 1 Year Mr. 31 Yard Mar 31 Yaa Account Name Tresantteratunots.
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